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Pattern in Corporate Evolution$
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Neil M. Kay

Print publication date: 2000

Print ISBN-13: 9780199242115

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199242115.001.0001

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. Vertical Integration

. Vertical Integration

(p.33) 3. Vertical Integration
Pattern in Corporate Evolution


Oxford University Press

This chapter explores the nature of vertical integration. It also analyses the ability of transaction-cost economics to deal with vertical integration. The chapter begins by analysing the foundations of transaction-cost economics. It then examines vertical integration in the petroleum industry and long-term contracts as a substitute for vertical integration. Finally, the chapter compares decision-making characteristics in markets and hierarchies.

Keywords:   vertical integration, transaction-cost economics, petroleum industry, long-term contracts, markets, hierarchies

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